Stockland gets rezoning approval for $600m project

Stockland managing director and CEO Mark Steinert said: “Today’s announcement is great news for new-home buyers as it puts us one step closer to delivering affordable, new homes in this thriving and growing area.”
Photo: Louise Kennerley

by
Larry Schlesinger

Stockland
is a step closer to bringing its 1800-home Calleya residential ­development in Perth’s south-west to market following the City of Cockburn Council approving the rezoning of land at the 145-hectare former Banjup quarry site.

The land has been rezoned from resource to residential use.

The project has an estimated end value of almost $600 million and will be Stockland’s eighth major residential development in the Perth ­metropolitan area.

A spokesperson for Stockland said acquiring a subdivision permit and winning local structure plan approval – steps required to bring the project to market – were already “in train" and weeks, rather than months, away.

Stockland has already received more than 200 enquiries from buyers interested in acquiring land at Calleya, which is four train stops from the Perth central business district.

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Commenting on the deal, Stockland managing director and chief executive
Mark Steinert
said: “This announcement is great news for new-home ­buyers as it puts us one step closer to delivering affordable, new homes in this thriving and growing area, just 23 kilometres from Perth’s central business district."

Calleya is located in Banjup within the City of Cockburn. It has access to the Kwinana Freeway, Cockburn central train station and the local district shopping centre.

Around 13 per cent of Calleya will be dedicated to parks, playgrounds and walking and cycling paths.

Stockland also has plans in place for a school and some neighbourhood shops.

Col Dutton, WA general manager for residential at Stockland, said: “We’re seeing very strong demand for new homes in key growth corridors north and south of the Perth CBD.

Calleya is one of two Stockland residential community projects due to make their first lot settlements in the 2014 financial year.

The other is the $1 billion Willowdale development in south-west ­Sydney, which includes plans for 3100 lots.

This project launched in August.

Stockland said in its 2013 annual results presentation that Western Australia’s vacant land market cycle was close to its peak, with the Perth vacant land sales rate over 2013, double what it was in 2012.